Super funds slam short term banks

Institutional investors want directors and executives of Australia’s banks to be more accountable in the wake of the banking royal commission. AustralianSuper’s chief investment officer Mark Delaney says the major banks have been too focused on short-term profits, although he notes that this has changed in the last two years. UniSuper chief investment officer John Pearce says the findings of two recent Australian Prudential Regulation Authority investigations have been more damning than the royal commission’s revelations.